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by government through fiscal policy was the real blow-up risk. so if you think of a couple places in the world that we were the most afraid of like europe, i think the actions of the ecb to at least defer the problems with the sovereigns and the bank issues in europe, if they use this time to fix the problems, we'll look back and think it's a good thing. if they deferred them, made them worse in the long term, we won't feel that way. i think something similar has happened in the united states whereby a lot of liquidity has been provided by the central bank. >> andrew, you have operations throughout all of the world. what's your sense of growth? there are troubling reports about growth slowing down which so far have been a very powerful lifeline for global growth as united states and europe weakened, particularly china where you do a lot of business. >> i don't think we're going have an '08/'09 scenario out there for the reasons lloyd was addressed. i do think the world since '08/'09 to now has not gotten to normal. of course, the obvious, which is consumption in the u.s., is not where it was.
global initiative, business and government and ngo s were in attendance to talk about big ideas, big problems. one of the problems they talked about at both places was syria. another was middle east protest about a film that attacked mohammed and the third was iran and nuclear weapons. we begin with the former president of the united states bill clinton in conversation with me and my colleague at cbs nora o'donnell. >> rose: do you think this election the president has said that change has to come from outside rather than in washington, that this election has the possibility of producing a change that will be able to overcome gridlock. >> i don't think it to the only has the possibility, i think it almost certainly will. and let me explain why. i think the president's going to win but let's assume governor romney won. if he wins, that almost certainly means the republicans will hold on to the house and it will be about 50/50 in the senate, more or less the way it is now. you can't filibuster a budget. it's the only thing that doesn't require 60 votes in the senate to pass o as oppose
because you're not giving back 35% to the government. when we lower marginal tax rates, we get more from the people output in the society. >> jonas, you believe we need tax increases in the long run, in the short run, what is going to get jobs. >> and there's nothing you can do to the tax code that isn't going to hurt the job market. >> lower the marginal rates. >> you say romney wants to lower the raets and remove the deduction, let's say he removes the mortgage deduction, home builder, you're going to hire more people, and if they remove it, hire more people, probably not. you're going to bring net knew revenue to the government. not going cut enough you're going to hurt the job market. now, specifically, if you hit the high end, like they want to do, let's say they did that, and yeah, that's, that's tax, when you tax people in the middle that is cost of hiring somebody so could actually need to less hiring, a worker taxes goes up and pay them more to counter at that tax cost and your success level. and going to cut at your profit, it's not a cost of hiring. so it could in theory do mo
this is a roundtable. >> i know you did not know enough about government. >> may be in it -- instead of saying i am scared to face you, i am facing you right now. forward and we will see if there are more debate later on. >> the issue of government assistance and who pays for them and receive them. the city recorded a video at mitt romney -- the secret recorded video of mitt romney at a private fund-raiser. let's take a look. >> 47% -- >> in 2010, 38.5% of texans filing a retirement paid no income tax. there is no complete data on who get government assistance but last year, 24% of households get social security. almost 14% debt retirement income. 5% get disability benefits and almost 14%, food stamps. >> do you think east texans are victims of believe government has a responsibility to care for them? >> of course not. i agree with mitt romney when he said is, there were poorly phrased? there is a difference. part of the philosophy of president obama and this administration is trying to get as many americans as possible dependent on government so the democrats can stay in power in perpetuity. the r
's policies of trickle-down government. >> i am concerned the path we're on has been unsuccessful. the president has a view to one similar when he ran four years ago, that a bigger government spending more, taxing more, regulating more -- a trickle- down government -- would work. that is not the right answer for america. >> president obama was more subdued in his comments, failing to make one mention of romney's infamous 47%, and his background of bain capital. addressing romney's tax plan, obama said romney's effort to cut taxes for the wealthy would be to the gutting of essential government programs. box for 18 months he has been running on this tax plan. five weeks before the election, now he is saying his big, bold idea is, "never mind." the fact is, if you are lowering the rates the way you described, governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. it is math. >> mitt romney challenged obama's assertion that his tax plan would cost the
detropia. >> the shanghai automotive and the government of china is requesting and pressuring general motors in order for them to sell in their markets to share their intellectual property. presidential debate. with unrivaled analysis and commentary. (vo) the only network with real-time reaction straight from the campaigns and from viewers like you. >>now that's politically direct. (vo) brought to you by communications workers of america. bring jobs home now. >> jennifer: as we mentioned earlier, the president has a big lead among women in ohio. a full 25--point advantage but he now also leads among female voters nationwide by 18 points. that 18-point lead is unprecedented. >> no candidate has ever won either gender by such a large margin. at least in the 90 years since women got the right to vote. the margin among men which exists is 10 points. 10-point lead for romney. so why are women so decisively in the democrat's camp? well, it might surprise of some you but it's not just about reproductive rights. in fact, pew research
lose 35 jobs when it shuts down. you lose jobs let schools and at local government. that is the real cost of what his policies are bringing out by supporting bureaucrats in washington. one neighbor at a time, you've got two avenues to take. one is a government solution of believes government can bring you a job. and me, who believes we can revitalize and reenergize and renew the enthusiasm for montana if we can get government out of the way in our regulatory policy and in our industries. it is not just the businesses that will turn things around. it is those who will -- to work for those businesses who will help to create better opportunities for ourselves, our children, our businesses. i look people in the eye as i travel a run montana and i do not see statistics. we do not necessarily want to talk about the unemployment rate statewide. there are 56 counties with 56 cultures and histories and their own desire for their own future. and in liberty county and might be agriculture. in lincoln county might be timber. in eastern montana it might be oil and gas and coal. i want to get gove
government calls for dialogue at the beginning of the events in my country, but this call did not find any positive response from most opposition parties. moreover, my government responded positively throughout the crisis to each and every sincere initiative that aims to find a peaceful solution, a solution that is based on national dialogue among syrians, that rejects external manipulation, and that stops the shedding of syrian blood and preserving syria and its future. based on this principle position, and despite the syrian leadership's conviction that there are no sincere intentions among some regional and international parties that push for the escalation of the syrian crisis, which fuel its fire and heat it by forcing all attempts for dialogue, and insisting on creating a state of instability to ensure the need for foreign interference. despite all this, syria cooperated with the arab observers mission, and the subsequent international initiatives linked to the work of the united nations special envoy kofi annan. out of principle, syria received the united nations supervision is seen
the power of the government, they have their own laws and's what they follow. and we have no interference in that. the government has paved wait four the highest form of freedom of most people. you see people criticize, people sometimes trespass the border lines of proper as a president, i'm not middle of the people of iran, without drawing any borders, without drawing any reed red lines, we converse. >> right, but this isn't just any protester, this could be your daughter in the future. she is daughter of your predecessors, the president. it's a fairly significant moment that she has been imprisoned. do you feel uncomfortable that this lady is in jail? >> let's separate the two argument, the two topics. happy this anyone is going to prize in? no. never. no one should go to prison, but also keep in mind that in any country, every one must be treated equally under the laws. no one must have -- or must receive special treatment because of having been a part of the power structure, regardless of whether the action taken resulted in imprisonment is right or wrong. i'm not a judge of that. >>
holder today praised the libyan government's response. it's a challenging environment in which to operate but i think we have done pretty well given the circumstances in which we find ourselves and we found ourselves able to move about and do the things that we have wanted to do because of the assistance we've gotten from the libyan government as well as from some of our other allies >> sreenivasan: a u.s. house committee holds a hearing tomorrow on the consulate attack. in pakistan, a taliban gunman shot and wounded a 14-year-old activist known for promoting girls' education. malala yousufzai was hit in the head and neck during the attack in the swat valley region. doctors said the wounds were not life-threatening. yousufzai spoke out on girls' education at a u.n. children's assembly last year. the taliban called her work "an obscenity" in a statement claiming responsibility for the attack. one out of every eight people on earth is going hungry, according to a u.n. report today. that comes to 870 million people, but it's far below the figure of one billion announced in 2009. the u.n. foo
a number of years in the spanish government from 1977 to 82. he was an active participant in the negotiations for spanish entry to what is now the european union, the european economic community. he also participated in a number of spanish negotiation then they got, not wto and with the european union and spain a century into the union after democracy was restored in spain and spain was welcomed into the european community process. in the last year at this government coming was minister of the presidency, played a very essential role in the entire spanish government situation. shortly after he joined banco santander and has now been there for over 20 years. he is now vice-chairman of the bank, member of the board, also member of the board of banesto, banco santander in portugal, a member of the board of a number of other financial companies in the group and is president of the print of the foundation and spain. i think we are uniquely privileged data to have a speaker from banco santander with its unique ability to see both the spanish situation, the overall banking situat
two plans. and by the way, if the government can be as efficient as the private sector and offer premiums that are as low as the private sector, people will be happy to get traditional medicare, or they'll be able to get a private plan. i know my own view is, i'd rather have a private plan. i'd just as soon not having the government telling me what kind of health care i get. i'd rather having a insurance company, if i don't like them, i can get rid of them and get a different insurance company. but people like to make their own choice. and the other thing we have to do for medicare, we have to have the benefits high for those who are low-income, but for high-income people, we're going to have to lower some of the benefits. we have to make sure this plan is there for the long-term. that's the plan i put forward. and by the way, the idea came not even from paul ryan or senator wyden, but it came from bill clinton's chief of staff. this is an idea that's been around a long time. which is saying, hey, let's not see if we can get competition into the medicare world, so that people can
private individuals acting without government stores and will make the world a much better place. that is our show. i'm john stossel. good night. ♪ lou: good evening, everybody. the political and media world reverberating with a shock wave of the romney victory in last night's presidential debate in denver. dominating throughout, governor romney may well have turned the race for the white house, an entirely new and unexpected direction. president obama is tonight seemingly less the object of sympathy than the target of harsh criticism from left wing of luminaries upset with his lackluster and at times seemingly detached performance. the new york times today wrote, there are two more chances for the president to change tactics were to at least show up to the debate. president xanax just doesn't cut it. the "washington post" has written, if the obama campaign was worried about them is being overconfident going into the final stretch, tonight should allay those fears. chris matthews wind, where was obama tonight? well, his nbc colleague ed schultz admitted he was absolutely stunne
as a nonpartisan mayor here in richmond and second as a governor in a republican house. i governed in the most difficult economy since the 1930s, but we were the best managed state in america, governing magazine, the best state for business all four years i was governor, forbes magazine, and the best place to raise a child. education week. those weren't tim kaine accolades, they were things we did working together. and in the last year as governor when the president i asked to serve as dnc chair, i think i had my best year. we got smoking banned all three publications that ranked states ranked virginia the best state for business in the united states. we saw huge improvements in infant mortality and our foster carey form effort, achieved success in open space preservation and recruited numerous businesses in the heart of the recession to come to virginia, rolls-royce to opening a manufacturing facility, faic hilton and at the end of my administration, northrop grum mond decided to move from california here. virginians care about results and we got results working together. >> mr. allen? >> tim
folks down in new orleans, implying because they're black. that the federal government, the rest of us, apparently, did not care about the folks in the once in 2005. that, of course, then senator barack obama talking on the fifth of june. in 2007, that video obviously very, very well documented. the current president's view before a mostly black audience of ministers that the country just doesn't care as much about our black citizens as we do other citizens, specifically knew well as residents. what i wanted to do tonight is but a few facts forward. get into the issue of all of the nonsense in. but faugh precisely what the aue said, and you decide why he chose to leave information out, why he did not tell them a number of things, why he did not tell them, for example, that less than two weeks before he gave that speech on the fifth of june that he, in fact, had not voted to rave the stafford act in question. on the 24th of may of that same year he voted against the waiver. which would, of course, have permitted no responsibility on the part of state and local governments to provide one
. the government add 1.3 trillion in the fiscal year that ended . worked out to 11,000 more to the household is the fourth straight year of 1 trillion dollars. these numbers are so mind boggling. the national debt is over 16 trillion dollars and that will no doubt with a big topic. >> brian: they had it on the nightly news and sean hannity in you could stand up. they were able to play a tape. the tape has been out but president obama in hampton university addressing an audience of a thousand and it was right in the wake of katrina and we all know what happened on katrina. >> steve: we certainly do. it will be interesting tonight will the moderator of the presidential debate will ask mr. romney about the 47 comment. will they ask about this particular video that shows then senator obama showing that the neglect of new orleans was racial. >> down in new orleans, where they still have not rebuilt 20 months later. there is a federal law when you get reconstruction money from the federal government called the staford act and when you get federal matter you have to give a 10 percent match from the
it then. perhaps how it will coincide with our perspective, the libyan government understood and said clearly what happened. it was in direct contravention to what the president and spokesman said and were told. they have no other intelligence sources. >> i have spent enough times overseas, and most of my adult life, to know that sometimes you have to take with a grain o salt what the most country is stay -- host country is saying, i understand sometimes skepticism over host country, this is what happened. but, in this case, to your point, the libyan government of right. my 5-year-old boy could have figured it out this was a terrorist-related incident planned ahead of time just by looking at tactics used. fields of fire, the way that the attackers moved and all of the information leading up to this saying common sense would tell you this was a preplanned attack. lou: and we're watching our ambassador, lead to a safe house that was neither safe or protected. and the fact that the terrorists knew there was a safe house located at that position and that is where they killed him, led your
by the government. on the other hand, 9/11 survivors and those impacted by hurricane andrew, they received endless government assistance. watch this. >> i want to give you one example because this really steams me up. this isn't in the prepared remarks...: down in new orleans, where they still have not rebuilt 20 months later. there is a federal law when you get... reconstruction money from the federal government, called the stafford act. basically tsays, when you get federal money, have to give a 10% match, the local government's got to come up with 10%. every $10 the federal government comes up with, the local government's got to give a dollar. now, here's the thing. when 9/11 happened in new york city...: they waived the stafford act, said, this is too serious a problem. we can't expect new york city to rebuild on its own. forget that dollar you have to put in. that was the right thing to do. when hurricane andrew struck in florida, people said, look at this devastation! we don't expect to you come up with the money. here! here's the money to rebuild. we are not going to wait for to you scrat
it, "obama's other speech. the barely recognizable obama." claims government spends too much on suburbs, not quote, our earlier neighborhood. here now with remarks on how response to hurricane katrina differed from hurricane andrew and for 9/11 attacks. >> down in new orleans where they have not rebuild a year later, there's money you can get from the government called the staff ford act. and basically it says when you get federal money, you have to give a 10% local match. the government has to come up with 10%. every $10 federal government comes up with, local government has to come up with a dollar. now here's the thing, when 9/11 happened in new york city, they waved the safford act saying we can't ask new york city to rebuild. they said, here's $10 and that was the right thing to do. when hurricane andrew struck in florida, people said, look at this devastation. we don't expect you to come up with your own money. here's the money to rebuild. we are not going to wait for you to scratch it together. because you're part of the american family. >> what's happening down in new
there, but the taught there, and i enjoyed him. he can govern. he governedded massachusetts, a state was ungovernable with a democratic legislature. he'll go back to that if he gets in and begin to do it. i hope he comes across without looking like the handlers were at him out all. neil: what do you think of how he's run the campaign? >> handlers got to him. when you run, and you got a staff like that, and they say don't do this, and, of course, obama has the crack staff. he's got axelrod and gibbs, and they are not interested in policy. they are interested solely on getting their guy re-elected, like america can shovel along because our first job is to get our guy re-elected while the other issues go on unaddressed. people are tired of that and disgusted. neil: will they welcome the tough medicine that will likely go along with this? you've always told me, senator, that people are grown ups, understand the issue, and you think they'll work on these? >> we go all over the country, saying pull up a chair. we don't do bs or mush, but math, and not myth. we don't want filtered questions
done because there is no place to retreat true -- retreat to. our entire government or democracy to be successful has to be more young people getting involved in i'm not saying that just because i'm a young person. through my work on the city council, it brings something to our system. in fact i'm convinced that they bring three things. the first is energy. if you have ever tried to make a change it takes an inordinate amount of energy beyond even what you'd even expected. 14, 15, 16 hour days and things that you thought would take a week. if you don't have the energy to see these things through, young people have more energy than they know what to do with. that is because you didn't go to bed until 5:00 a.m.. at my age if i didn't get to bed until 5:00 a.m. i would not wake up until monday. the second thing is creativity. honest-to-goodness, this is something that -- have you ever seen a 6-year-old playing in out of nowhere they say i'm a dinosaur. they believe that in that moment or go in their mind so radically changes the status quo. they have no attachments to the status quo
hollywood, big government, big journalism, and big peace, p, e, a, c, e. he became a big player what is come to be called the new media including work as editor on "the drudge report" website and yes the "huffington post". bull buckley didn't dwell in the past but he believed we should and could learn from it. he was fascinated by the rise of the new media and encouraged conservatives to become involved in it as he had in the old media. he didn't live to see it come to full fruition and andrew left us too soon for him to become a greater influence than he already has. a tribute to him that his web sites and work endure. it is my pleasure as the winner of last year's william f. buckley, jr., award to present this year's award posthumously to andrew breitbart. may he rest in peace. [applause] may he rest in peace and may his legacy live on. accepting the award is oars son dean, susie's father and with him is alley mills dean. ♪ . >> thank you. thank you very much. thank you. thank you. you may remember me. i formally went on the screen, under the name of irene dunne. at my age i have some fr
apparently shut it down. u.s. government is not required to mediate any disagreements between the two parties of the blue mountain libya partnership. saying it is currently satisfactory. there was no immediate response on the comment. a u.s. official is not denying reports the administration is laying the initial groundwork behind the attack as many as one dozen possible targets, ashley. ashley: thank you very much. let's get into this a little bit more, joining me now, retired united states army lieutenant colonel and former fox news middle east former senior advisor to governor romney and also author of the book "the coming revolution, struggling for freedom in the middle east." as we get more details on the events prior to the benghazi attacks it appears in the days, the weeks and the months prior there was plenty of warning signs. why is it these were the very least ignored? >> the main problem the administration has in libya is being unable to connect information from the various agencies. the fact there are militia on the ground proceeding as rebels. penetrated by al qaeda. because it w
debates later on. maybe you two can negotiate that. if you cut government benefits -- a secretly recorded video of mitt romney at a private fund- raiser was made public -- let's take a look. >> 47% of the people -- who will vote for the president a matter what. who believe the government has responsibility to care for them. who believe they are entitled to health care and food and housing, you name it. that is an entitlement. >> texas -- in 2010, 30.5% of texans filing era -- return paid no income tax. there is no data on how many texans get government assistance, but the census bureau found 24% get social security. 20 -- 14% did retirement income. 5% disability bed -- benefits and 14% from strands. mr. cruz, do you believe that government has a responsibility to care for them? >> of course not. i agree with mitt romney when he says his comments were poorly phrased. keefe said they were in elegantly stated. i think there is a difference. part of the philosophy of president obama is trying to get as many americans as possible dependent on government so that the democrats can stay in power
on them by the government. >> he estimates the fact that as governor in eliminated the estate tax and took more than 100,000 low income virginians of the income tax rolls. i just thought i would correct him there. george and i have very different strategies. this is one of the most important programs that has ever been done by the government. more than 50% of american seniors have retired into poverty before it was passed. thank you we have -- thank god we have those days behind us. that would've been a huge catastrophe prior to the collapse in washington. what i would do is allow the payroll tax of words as a way of protecting the solvency of the program. on medicare, george allen supports the ryan budget that would turn medicare into a voucher program and push costs onto the seniors. i propose a senior savings costs, for example ending the prescription -- that we get. that would save us without jeopardize in the benefit of all. >> mr. allen, to ask both of you to take one minute to respond to tim kaine's assocation about medicare and to support the ryan budget? >> what i support is prese
. we need to take a very different way of looking at how the federal government spends money. i support a moratorium on your marks because it had gotten out of control before it to congress. but that's the beginning slice of a much bigger question about how we bring down the size of the federal government. i have called for a 1% reduction in overall discretionary spending. i have called for a balanced approach on deficit reduction requiring the wealthy to pay more and more cutting in the federal government. >> you have 90 seconds. >> again, shame on you. you thought this campaign is going to be a coronation because you're a democrat and now you are in a serious race with a serious woman and you are desperate. therefore you raise these issues. my plan sites every word that i used from the brightest in the best to but my plan together. you would be better served to be putting a plan together. you need to be honest with the people of connecticut. you need to be honest about your special interest loans. to be honest about your attendance in washington. shame on you for taking this direction
and they think it's immoral that the federal government has the debt, they don't like the credit card debt that they are care inning their house. a good issue, if you look at all the polls across the spectrum, yes governor romney did very well in this focus group, but he did well across the board with all demographics. a good message that works with one group if it's really good and delivered well they work with all of them. megyn: that is the question about whether governor romney can keep this rolling and get momentum going now with the key voting groups that have been somewhat problematic for him thus far. chris stirewalt thank you. we have frank luntz coming up. we have overnight polling in the debate. with two polls we will debate what the campaign needs to do to bounce back. new developments. a contract fight at american airlines. it hats interrupted flights for 150,000 -fl travelers in just weeks. new worries about the fighting in syria along with growing foreign policy terrance. that's where the candidates are going next, they will debate foreign policy as a new report shows our co
and federal government. i will just briefly talk about my background and how i first got into the position as mayor. holyoke is a small city of about 40,000 people outside of springfield in the western part of massachusetts. i was born and raised there and went to the city's public schools became the first to my family to go on to college and when i got to brown studied urban studies there and like a lot of folks my age i chose to come back to my hometown and give back to the city that i thought had given me the opportunities that i had. holyoke has a very rich -- and also the first city to make paper so we are nicknamed the paper city. like a lot of cities in the northeast we were once a moving industrial city but at the same time folks came into holyoke and a lot of the factories close down, move south are moved overseas so we know have an 11% unemployment rate which is higher than the state national average and about 50% of our population is latino, puerto rican and a diversity as well. so i got elected last november. there were four of us running in the election. it was a nonpartisan r
in changing our policy in afghanistan to count terrorism. we're trying to prop up a government in afghanistan. couldn't terrorism requires far less troops and focuses at striking against al qaeda sweledl as well as any taliban insurjents we might need for the purpose of our fight. i believe that the draw down in afghanistan is well positioned. i'm actually an advocate of something that is more accelerated. i have been for quite some time and i believe we focus on couldn't terrorism which risks less lives. >> we're going to go back on the economy. you say you support a comprehensive solution to the deficit that includes revenues and cuts in spending. can you name one program you've eliminated while you've been in congress? >> yes the s 22. i voted this is something the pentagon did not want but there were those advocating for it. i voted against the s22 which was cut by the way. i voted on a different alternative fighter engine that was not necessary as well and that was cut. and those are examples of programs that were cut. but whey don't want to do is what my opponent says he embraces the ry
with the social media. it is fair to say that the chinese government said several times in a press conference and to foreign delegates that vice- president shi was injured in his back. i think that is enough. more importantly, i was interviewed many times by the media. i say i do not want to comment. there is nothing happening. they would cancel their trip. the police and the military would react unusual. there is no sign whatsoever. it seems like it is very odd that the chinese government is not famous for transparency. they sometimes want to cover things. but also ironically because of the vulnerability that doctor kissinger mention, they face a lot of challenges. for this problem, a successor is in big trouble. they were immediately announced -- you cannot cover. it is a huge liability and would cause further damage for the political system. no leader will be able to do that. usually they will reveal to the public within 12 hours. this is my take. this should be a lesson for us. i'm not defending the chinese government. china needs to follow to be responsible. he is already paralyzed and c
this can happen if the make of government on november 7 is the same as it is today? >> no. i think will happen for another reason. i think first of all when people figure out there's a big chunk of change, and second of all when you have the debate between the people trying to protect entitlement, and the people trying to kill energy, who are you betting on? >> in california they're saying just allow the winter fuel blend is not early is going to save, make as much as 50 cents a gallon, they've been paying over $5 a gallon in california, and california has created -- [inaudible] >> california is america if we don't change. that's a scary thought. you can see the future, just look to california. it should scare everybody in america. no one would want to go the. part of the answer of california is to stop trying to be the federal government. they can save a lot of money if they pull back from the own agencies and own regulations. but i do think we have this opportunity, to tom's point on this leg of the school got it all fits on a growth like if you will. because i think that we woul
parts of a speech that have never been seen, in the unedited video. he accuses the u.s. government of short-changing hurricane katrina victims. why? then senator obama says it's incompetence and then implies racism. he was speak to go an odd yins of african-american ministers at the virginia hampton university. tick a look. >> down in new orleans, where they still have not rebuilt 20 months later, there is a federal law when you get reconstruction money from the federal government, called the stafford act. and basically, it says, when you get federal money, have you to give a 10% match. the local government's got to come up with 10%. every $10 the federal government comes up with, the local government's got to give a dollar. now, here's the thing. when 9/11 happened in new york city, they waived the stafford act. said this is too serious a problem, we can't expect new york city to rebuild on its own. forget that dollar have you to put in. here's $10. that was the right thing to do. when hurricane andrew struck in florida, people said, look at this devastation. we don't expect to yo
years, we have had revenues coming into the federal government at a level around 15% of gdp. that is a 60-year low. since 1960, we have never had a balanced budget in a year when revenues were less than 18% of gdp. in 2001, the last year we had a surplus, revenues were at 19.5% of gdp. we have a revenue problem. we need tax reform to solve it. some on the left have suggested corporate tax reform could be a source for new revenue but here i disagree. to preserve our international competitiveness, it is imperative we seek to reduce the corporate rate from 35% and do it on a revenue-neutral basis. this will boost growth and encourage more companies to reinvest in the united states. corporate tax reform, under the leadership of chairman baucus senator hatch should be treated separately from our attempt to get a handle on the deficit. but when it comes to the individual side of the code, our approach must be different. in this part of reform, the new money we collect from broadening the tax base cannot all be applied to prepare -- to reducing rates or else we will not get enough
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